K2 Mechanical and Electrical Services Ltd - Period Ending 2014-08-31

Registration number: 06381402

K2 Mechanical and Electrical Services Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Northern Accountants Ltd
Olympus House
2 Howley Park Business Village
Leeds
West Yorkshire
LS27 0BZ

K2 Mechanical and Electrical Services Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
K2 Mechanical and Electrical Services Ltd
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K2 Mechanical and Electrical Services Ltd for the year ended 31 August 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of K2 Mechanical and Electrical Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of K2 Mechanical and Electrical Services Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K2 Mechanical and Electrical Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K2 Mechanical and Electrical Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K2 Mechanical and Electrical Services Ltd. You consider that K2 Mechanical and Electrical Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of K2 Mechanical and Electrical Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Northern Accountants Ltd
Olympus House
2 Howley Park Business Village
Leeds
West Yorkshire
LS27 0BZ

17 September 2014

Page 1

K2 Mechanical and Electrical Services Ltd
(Registration number: 06381402)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					17,862			21,115
Current assets
Stocks					4,373
Debtors					769,978			720,804
Cash at bank and in hand					788,468			336,725
					1,562,819			1,057,529
Creditors: Amounts falling due within one year					(807,340)			(507,029)
Net current assets					755,479			550,500
Net assets					773,341			571,615
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					773,241			571,515
Shareholders' funds					773,341			571,615

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 17 September 2014

.........................................
Mr Lee Vincent Kerr
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

K2 Mechanical and Electrical Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Commercial vehicles	Reducing balance 25%
Plant and machinery	Reducing balance 25%
Office equipment	Straight line 33%

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

K2 Mechanical and Electrical Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		39,050			39,050
Additions		8,296			8,296
Disposals		(5,300)			(5,300)
At 31 August 2014		42,046			42,046
Depreciation
At 1 September 2013		17,935			17,935
Charge for the year		6,359			6,359
Eliminated on disposals		(110)			(110)
At 31 August 2014		24,184			24,184
Net book value
At 31 August 2014		17,862			17,862
At 31 August 2013		21,115			21,115

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Oridnary share capital of £1 each		100			100			100			100

Page 4